Polygiene AB, through the indirectly wholly-owned subsidiary Addmaster (UK) Limited , has entered into an agreement to acquire the business related to SteriTouch from the privately-owned company Radical Materials Limited. The purchase price amounts to a total of approximately €4.2 million, where approximately €3.8 million is paid in cash and the remaining €0.4 million through newly issued shares in Polygiene. The cash payment is intended to be financed through a directed cash new issue in Polygiene, alternatively by available funds. In addition to the purchase price, the seller may also receive an additional purchase price in cash of up to €0.6 million based on the sales growth for SteriTouch during 2022.
The U.K.-based company Radical Materials Limited, founded in 2003, is operating with the product ranges Konduct, Scopic, Steritype and SteriTouch. The latter primarily consists of a product range of antimicrobial additives for plastics, paints, coatings, silicone, rubber and textiles. The largest share of SteriTouch’s sales is through direct sales and it is expected to have a total turnover of approximately €1.6 million (+20 percent year-on-year) with a gross profit of approximately €0.85 million.
The acquisition of SteriTouch is a 100-percent synergy deal where Polygiene will buy the customers, formula and brand and incorporate them into Addmaster’s production set-up. In connection with the transfer of the business, one employee from Radical Materials will also be transferred to Addmaster.
Completion of the transaction is subject to customary closing conditions. Closing is expected to take place around Jan. 24, 2022.